Secoo Announces Receipt of Withdrawal of Mr. Richard Rixue Li’s Going Private Proposal

Rhea-AI Summary

Secoo Holding Limited (NASDAQ: SECO) announced on May 23, 2022, that its board's special committee will dissolve following Richard Rixue Li's decision to withdraw a non-binding proposal to take the company private. The proposal, initially made on January 10, 2021, was abandoned due to recent market conditions. Secoo remains committed to its upscale products and services platform, featuring over 420,000 SKUs from more than 3,800 brands, ensuring authenticity and quality through its proprietary database and authentication processes.

Positive

• Secoo offers a wide range of upscale products and services, enhancing its market presence.
• The company maintains a large inventory with over 420,000 SKUs from 3,800+ brands.

Negative

• The withdrawal of the going-private proposal may signal a lack of confidence from management amidst challenging market conditions.

BEIJING, May 23, 2022 (GLOBE NEWSWIRE) -- Secoo Holding Limited (“Secoo” or the “Company”) (NASDAQ: SECO), Asia’s leading online integrated upscale products and services platform, today announced that the special committee of the Company’s board of directors (the “Board”) received a letter dated May 20, 2022 from Mr. Richard Rixue Li, Chairman of the Board and Chief Executive Officer of Secoo, stating that Mr. Richard Rixue Li would withdraw its prior non-binding going private proposal (the “Proposal”) dated January 10, 2021, with immediate effect. The letter stated that, having given due consideration to recent market conditions, Mr. Richard Rixue Li had determined not to proceed with the Proposal. The Board has approved to dissolve the special committee of the Board.

About Secoo Holding Limited

Secoo Holding Limited (“Secoo”) is Asia’s leading online integrated upscale products and services platform. Secoo provides customers a wide selection of authentic upscale products and lifestyle services on the Company’s integrated online and offline shopping platform which consists of the Secoo.com website, mobile applications and offline experience centers, offering over 420,000 SKUs, covering over 3,800 global and domestic brands. Supported by the Company’s proprietary database of upscale products, authentication procedures and brand cooperation, Secoo is able to ensure the authenticity and quality of every product offered on its platform. 

For more information, please visit http://ir.secoo.com.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include but are not limited to Secoo management quotes and the Company’s financial outlook. These forward-looking statements can be identified by terminology such as “will,” “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “intend,” “potential,” “plan,” “goal” and similar statements. Secoo Holding Limited may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. These forward-looking statements include, but are not limited to, statements about: the Proposed Transaction, the Company’s goals and strategies; its future business development, financial condition and results of operations; its ability to attract and retain new customers and to increase revenues generated from repeat customers; its expectations regarding demand for and market acceptance of its products and services; trends and competition in China’s e-commerce market; changes in its revenues and certain cost or expense items; the expected growth of the Chinese e-commerce market; Chinese governmental policies relating to the Company’s industry and general economic conditions in China. For additional information on these and other important factors that could adversely affect the Company's business, financial condition, results of operations and prospects, please see its filings with the U.S. Securities and Exchange Commission.

Secoo Holding Limited does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of this press release, and Secoo Holding Limited undertakes no duty to update such information, except as required under applicable law.

For investor and media inquiries, please contact:

In China:
Secoo Holding Limited
Jingbo Ma
Tel: +86 10 6588-0135
E-mail:  ir@secoo.com

The Piacente Group, Inc.
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail:  Secoo@tpg-ir.com

In the United States:
The Piacente Group, Inc.  
Brandi Piacente
Tel: +1-212-481-2050
E-mail:  Secoo@tpg-ir.com

FAQ

What did Secoo announce on May 23, 2022?

Secoo announced the withdrawal of a non-binding proposal to go private and the dissolution of its special committee.

Who withdrew the going-private proposal for Secoo?

Mr. Richard Rixue Li, Chairman and CEO of Secoo, withdrew the proposal.

What was the reason for withdrawing the proposal?

The withdrawal was due to recent market conditions.

How many SKUs does Secoo offer?

Secoo offers over 420,000 SKUs from more than 3,800 global and domestic brands.

What is Secoo's stock symbol?

Secoo's stock symbol is SECO.